Past performance is not a reliable indicator of future performance.
Strategy
Emerging Markets Bond
The Emerging Markets Bond Composite seeks current income and capital appreciation primarily through investment in fixed income securities issued by emerging nations. The strategy may invest in low rated bonds, including those in default, when market conditions warrant. Absolute weightings in the Emerging Markets Bond Composite will generally be higher in the larger markets of Brazil, Mexico, and Russia than absolute weightings in the Emerging Markets Diversified Bond Composite.
3YR Return Annualised (Net)
(View Total Returns)
Tracking Error
(5 Years)
3.08%
3.19%
Data as of 31-Dec-2020
Data as of 31-Dec-2020
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
5.10%
0.12
Data as of 31-Dec-2020
Data as of 31-Dec-2020
Inception Date 31-Dec-1995
Performance figures calculated in USD
Other Literature
- This product's strategy also available as
- a SICAV
Strategy
Investment Approach
- Focus primarily on sovereign debt, with smaller strategic allocations to corporate and local currency debt.
- Integrate proprietary credit research and relative value analysis.
- Establish independent credit rating at the country and corporate issuer level.
- Add value through active country allocation and individual security selection decisions.
- Limit risk through diversification.
- Employ long-term investment horizon.
Portfolio Construction
- Diversified portfolio structure: typically 400-500 securities
- Duration bands: managed within +/- 1 year of the benchmark
- Average credit quality: BB
- Country exposure will range between 0% and a max of 10% over the benchmark
- Expected tracking error should range between 200-400 bps
Performance
Emerging Markets Bond Composite
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | 5.63% | 3.60% | 7.21% | 5.87% |
| Composite Net % | 5.10% | 3.08% | 6.68% | 5.35% |
| Benchmark % | 5.88% | 4.94% | 6.84% | 5.97% |
| Excess Return (Gross) % | -0.25% | -1.34% | 0.37% | -0.10% |
Recent Performance
| 3 MonthsData as of 31-Dec-2020 | Year to DateData as of 31-Dec-2020 | |
|---|---|---|
| Composite Gross % | 8.37% | 5.63% |
| Composite Net % | 8.24% | 5.10% |
| Benchmark % | 5.49% | 5.88% |
| Excess Return (Gross) % | 2.88% | -0.25% |
Past performance is not a reliable indicator of future performance.
Returns for time periods greater than one year are annualised.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
J.P. Morgan Emerging Markets Bond Index Global %
Holdings
Holdings
Total
Holdings
350
Largest Holding
Petroleos Mexicanos
3.11%
Was
(30-Sep-2020) 3.02%
Top 10 Holdings 19.36%
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | BB | A |
| By % | 13.58% | -13.82% |
| Portfolio | 28.89% | 5.24% |
| Benchmark | 15.31% | 19.07% |
Average Credit Quality
BB-Maturity View maturity analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Maturity | 7-10 Years | 3-5 Years |
| By % | 3.87% | -5.76% |
| Portfolio | 21.26% | 8.50% |
| Benchmark | 17.39% | 14.26% |
Weighted Average Maturity
12.64 YearsDuration View duration analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Duration | 5-7 Years | 1-3 Years |
| By % | 5.56% | -11.28% |
| Portfolio | 22.69% | 3.96% |
| Benchmark | 17.14% | 15.23% |
Weighted Average Duration
8.05 YearsRegions
Total
Regions
5
Largest Region Latin America 37.58%
Was (30-Sep-2020)
39.97%
Other
View complete Region Diversification
Largest Overweight
Latin America
By7.13%
Portfolio
37.58%
Benchmark
30.45%
Largest Underweight
Asia
By-5.62%
Portfolio
17.30%
Benchmark
22.91%
Countries
Total
Countries
60
Largest Country Mexico 10.12%
Was (30-Sep-2020)
12.90%
Other
View complete Country Diversification
Largest Overweight
Ukraine
By3.21%
Portfolio
4.67%
Benchmark
1.46%
Largest Underweight
China
By-5.74%
Portfolio
2.30%
Benchmark
8.03%
Currency
Total
Currencies
11
Largest Currency
97.58%
Was (30-Sep-2020)
99.10%
Other
View completeCurrency Diversification
Largest Overweight
Chinese renminbi
By
0.91%
Portfolio
0.91%
Benchmark
0.00%
Largest Underweight
U.S. dollar
By
-2.42%
Portfolio
97.58%
Benchmark
100.00%
Team (As of 12-Apr-2021)
Michael Conelius is a portfolio manager in the International Fixed Income Division. He co-manages the Emerging Markets Bond and the Institutional Emerging Markets Bond Funds and is chairman of each fund’s Investment Advisory Committee. Michael is an executive vice president of the Global Funds and International Funds, a vice president and an Investment Advisory Committee member of the Global Multi-Sector Bond Fund, a vice president of the Institutional Income Funds and Multi-Sector Account Portfolios, and a member of the Distressed Advisory Committee. He also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price Trust Company, and T. Rowe Price International Ltd.
Michael has been with T. Rowe Price since 1988, beginning as a financial analyst in the Corporate Finance department. After that, he was a credit analyst and portfolio manager on the Emerging Markets team before assuming his current role. Prior to T. Rowe Price, he was employed by Booz Allen Hamilton as a consultant.
Michael earned a B.S. in finance from Towson University and an M.S. in finance from Loyola University Maryland. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager1994
since - Years at32
T. Rowe Price - Years investment26
experience
Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the lead manager of the Emerging Markets Corporate Bond Strategy and co-manages the Emerging Markets Bond and Global High Income Bond Strategies. He previously managed the firm’s Asia Credit Bond Strategy from its inception until 2020. Samy also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Samy has been with T. Rowe Price since 2006, beginning as an associate analyst in the Fixed Income Division. After that, he was a credit analyst and then an associate portfolio manager on the Emerging Markets team before assuming his current role.
Samy earned a B.A., summa cum laude, in economics from the University of Maryland. He also has earned the Chartered Financial Analyst® designation. Samy is an adjunct professor at Georgetown University in the Walsh Graduate School of Foreign Service.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager2013
since - Years at15
T. Rowe Price - Years investment15
experience
Andrew Keirle is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment Team. Mr. Keirle is the lead portfolio manager for the Emerging Markets Local Currency Bond Strategy and has important input on a number of emerging markets bond strategies and global fixed income strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Mr. Keirle has 23 years of investment experience, 14 of which have been with T. Rowe Price. Prior to joining the firm in 2005, he was a portfolio manager and analyst at Lazard Asset Management. Prior to joining Lazard, Mr. Keirle spent seven years as a global portfolio manager at Gulf International Bank in London.
Mr. Keirle is a qualified member of the Institute of Investment Management and Research, and he also holds a diploma from the Society of Technical Analysts. He graduated with a B.Sc. in economics and politics from the University of Swansea at the University of Wales.
- Years at15
T. Rowe Price - Years investment24
experience
Ben Robins is a portfolio specialist in the Global Fixed Income Division. He supports the emerging market debt strategies, which include hard currency- and local currency-denominated sovereign and corporate debt, and works closely with clients, consultants, and prospects. Ben is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Ben’s investment experience began in 2000, and he has been with T. Rowe Price since 2016, beginning in the Fixed Income Division. Prior to this, Ben was employed by Cambridge Associates as a managing director focusing on investment consulting, including client relationship management and fixed income manager research. Before that, Ben was employed by Lehman Brothers, working in investments.
Ben earned a B.A. in economics, with honors, from the College of William & Mary and an M.B.A. from Dartmouth College, Tuck School of Business. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at4
T. Rowe Price - Years investment20
experience
Portfolio Characteristics
Representative Portfolio vs Benchmarkas of 31-Dec-2020
| Characteristic | Portfolio | Benchmark |
|---|---|---|
| Weighted Average Coupon | 5.65% | 5.02% |
| Weighted Average Maturity | 12.64 Years | 12.65 Years |
| Weighted Average Duration | 8.05 Years | 8.32 Years |
| Number of Holdings | 350 | 856 |
Risks
- China Interbank Bond Market risk
- Contingent convertible bond risk
- Country risk (China)
- Country risk (Russia and Ukraine)
- Credit risk
- Currency risk
- Default risk
- Derivatives risk
- Emerging markets risk
- Frontier markets risk
- High yield bond risk
- Interest rate risk
- Issuer concentration risk
- Liquidity risk
- Sector concentration risk
- Capital risk
- Counterparty risk
- Geographic concentration risk
- Hedging risk
- Investment portfolio risk
- Management risk
- Operational risk
Risk/Return Characteristics
as of 31-Dec-2020Emerging Markets Bond Composite
| Risk/Return (5 Years) | Composite | Benchmark |
|---|---|---|
| Alpha | -0.80% | 0.00% |
| Beta | 1.24 | 1.00 |
| R-Squared | 0.95 | 1.00 |
| Annualized Std. Deviation | 10.76% | 8.47% |
| Information Ratio | 0.12 | 0.00 |
| Sharpe Ratio | 0.56 | 0.67 |
| Tracking Error | 3.19% | 0.00% |
Past performance is not a reliable indicator of future performance.
Figures are calculated using monthly data and are gross of fees. Returns would have been lower as a result of the deduction of applicable fees.
J.P. Morgan Emerging Markets Bond Index Global %
Calendar Year Performance
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4.46% | 20.77% | -6.30% | 4.10% | 1.50% | 15.73% | 10.09% | -6.36% | 12.40% | 5.63% | Composite Gross | |
| 3.94% | 20.18% | -6.77% | 3.58% | 0.99% | 15.16% | 9.55% | -6.83% | 11.85% | 5.10% | Composite Net | |
| 8.46% | 18.54% | -6.58% | 5.53% | 1.23% | 10.19% | 9.32% | -4.61% | 14.42% | 5.88% | Benchmark | |
| -4.52% | 1.64% | -0.19% | -1.95% | -0.24% | 4.97% | 0.23% | -2.22% | -2.57% | -0.78% | Value added (Gross) |
- Composite Gross
- Composite Net
- Benchmark
J.P. Morgan Emerging Markets Bond Index Global %
Top 10 Issuers (31-Dec-2020)
| Issuer Name | % of Portfolio | Sector | Industry |
|---|---|---|---|
| Petroleos Mexicanos | 4.60% | N/A | N/A |
| Ukraine | 4.12% | N/A | N/A |
| Arab Republic of Egypt | 3.95% | N/A | N/A |
| Republic of Indonesia | 3.86% | N/A | N/A |
| Republic of Turkey | 3.83% | N/A | N/A |
| Dominican Republic | 2.85% | N/A | N/A |
| Sultanate of Oman | 2.73% | N/A | N/A |
| Mexico City Airport Trust | 2.72% | N/A | N/A |
| Republic of Ghana | 2.68% | N/A | N/A |
| Federative Republic of Brazil | 2.64% | N/A | N/A |
Represents 33.99% of Total Net Assets of the representative portfolio
Issuers are as of the date indicated and are subject to change.
The total of the values in the second column in the table may not add up to the Top 10% of Total Net Assets quoted directly below the table due to rounding.
N/A indicates Not Available.
Quality (31-Dec-2020)
Representative Portfolio vs Benchmark
| Quality Rating | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| US Treasury | 0.17% | 0.00% | |
| AA | 2.32% | 9.28% | |
| A | 5.24% | 19.07% | |
| BBB | 21.57% | 34.18% | |
| BB | 28.89% | 15.31% | |
| B | 28.57% | 17.37% | |
| CCC | 7.10% | 3.71% | |
| CC | 0.02% | 0.00% | |
| C | 0.14% | 0.00% | |
| Not Rated | 1.04% | 0.86% | |
| Reserves | 3.59% | 0.00% | |
| D | 1.34% | 0.23% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Sources for Credit Quality: Moody’s Investors Service; if Moody’s does not rate a security, then Standard & Poor’s (S&P) is used as a secondary source. When available, T. Rowe Price will use Fitch for securities that are not rated by Moody’s or S&P. T. Rowe Price does not evaluate these ratings but simply assigns them to the appropriate credit quality category as determined by the rating agency. T. Rowe Price uses the rating of the underlying investment vehicle for credit default swaps.
U.S. Treasury securities are issued by the U.S. Treasury and are backed by the full faith and credit of the U.S. government. The ratings of U.S. Treasury securities are derived from the ratings on the U.S. government.
Maturity (31-Dec-2020)
Representative Portfolio vs Benchmark
| Bond Maturity | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| 0-1 Years | 2.28% | 0.00% | |
| 1-3 Years | 7.08% | 12.40% | |
| 3-5 Years | 8.50% | 14.26% | |
| 5-7 Years | 17.57% | 13.89% | |
| 7-10 Years | 21.26% | 17.39% | |
| 10+ Years | 39.65% | 42.05% | |
| Cash Equivalents | 3.66% | 0.00% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Duration (31-Dec-2020)
Representative Portfolio vs Benchmark
| Duration | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Under 1 Year | 3.52% | 0.04% | |
| 1-3 Years | 3.96% | 15.23% | |
| 3-5 Years | 18.14% | 17.88% | |
| 5-7 Years | 22.69% | 17.14% | |
| 7-10 Years | 14.81% | 16.58% | |
| Over 10 Years | 33.29% | 33.12% | |
| Cash Equivalents | 3.59% | 0.00% |
Duration is a measure of a bond portfolio's sensitivity to interest rate changes.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Holdings (31-Dec-2020)
| Company | % of Portfolio | Previous Qtr Change | Value (USD) | Shares/Par | Sector | Industry | Country | Coupon Rate (%) | Quality | Maturity Date | Duration (Yrs) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Petroleos Mexicanos | 3.11% | 0.09 | $164,464,651.13 | 174,803,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.50% | Ba2 | 02-Jun-2041 | 10.62 |
| Mexico City Airport Trust | 2.55% | 0.49 | $134,852,260.63 | 125,006,000 | Corporate Securities | Transportation | Mexico | 5.50% | Baa3 | 31-Jul-2047 | 13.54 |
| Perusahaan Penerbit SBSN Indonesia III | 2.41% | -0.25 | $127,407,604.60 | 108,775,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.55% | Baa2 | 29-Mar-2026 | 4.68 |
| Ukraine Government International Bond | 2.17% | 0.22 | $114,472,709.84 | 98,390,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | B3 | 01-Sep-2027 | 5.16 |
| Pertamina Persero PT | 2.05% | -0.42 | $108,112,356.08 | 86,726,000 | Corporate Securities | Petroleum | Indonesia | 5.63% | Baa2 | 20-May-2043 | 13.41 |
| Dominican Republic International Bond | 1.60% | 0.62 | $84,293,473.89 | 67,265,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 6.85% | Ba3 | 27-Jan-2045 | 12.30 |
| Egypt Government International Bond | 1.44% | 0.17 | $76,163,433.80 | 64,975,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 8.50% | B2 | 31-Jan-2047 | 10.63 |
| Qatar Government International Bond | 1.39% | 1.12 | $73,504,439.80 | 53,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Qatar | 4.82% | Aa3 | 14-Mar-2049 | 16.74 |
| Bahamas Government International Bond | 1.36% | 0.02 | $71,733,090.75 | 73,815,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Bahamas | 6.00% | Ba2 | 21-Nov-2028 | 5.46 |
| Russian Foreign Bond - Eurobond | 1.28% | -0.03 | $67,554,935.92 | 57,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 4.38% | NR | 21-Mar-2029 | 6.94 |
| Jamaica Government International Bond | 1.23% | 0.28 | $64,891,678.63 | 43,585,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Jamaica | 8.00% | B2 | 15-Mar-2039 | 10.42 |
| Petrobras Global Finance BV | 1.22% | -1.00 | $64,239,646.86 | 49,050,000 | Corporate Securities | Energy | Brazil | 8.75% | Ba2 | 23-May-2026 | 4.45 |
| Vietnam Government International Bond | 1.17% | -0.06 | $61,624,813.72 | 54,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Vietnam | 4.80% | Ba3 | 19-Nov-2024 | 3.56 |
| Ghana Government International Bond | 1.04% | 0.11 | $55,125,132.29 | 51,690,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 6.38% | B3 | 11-Feb-2027 | 4.22 |
| Argentine Republic Government International Bond | 0.98% | -0.17 | $51,901,614.22 | 141,263,795 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Argentina | 0.13% | NR | 09-Jul-2035 | 8.52 |
| Saudi Government International Bond | 0.95% | -0.04 | $50,386,364.01 | 38,050,000 | Government | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 5.00% | A1 | 17-Apr-2049 | 16.30 |
| Export-Import Bank of India | 0.94% | 0.02 | $49,527,935.24 | 45,555,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 3.25% | Baa3 | 15-Jan-2030 | 7.73 |
| Petroleos Mexicanos | 0.84% | 0.06 | $44,325,180.53 | 43,550,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 4.50% | Ba2 | 23-Jan-2026 | 4.39 |
| Ecuador Government International Bond | 0.83% | -0.16 | $44,078,818.37 | 80,447,601 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ecuador | 0.50% | NR | 31-Jul-2035 | 8.60 |
| Banco do Brasil SA/Cayman | 0.83% | -0.03 | $43,833,794.71 | 39,235,000 | Corporate Securities | Banking | Brazil | 9.00% | B2 | 18-Dec-2169 | 11.02 |
| Brazilian Government International Bond | 0.82% | 0.05 | $43,395,209.46 | 38,208,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 5.00% | Ba2 | 27-Jan-2045 | 13.94 |
| Egypt Government International Bond | 0.82% | 0.10 | $43,242,297.61 | 36,890,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 8.50% | B2 | 31-Jan-2047 | 10.63 |
| Turkey Government International Bond | 0.80% | 0.02 | $42,429,711.22 | 42,300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 4.25% | B2 | 14-Apr-2026 | 4.63 |
| Ghana Government International Bond | 0.78% | 0.06 | $41,191,266.33 | 35,510,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 8.13% | B3 | 18-Jan-2026 | 3.36 |
| Ukraine Government International Bond | 0.77% | 0.04 | $40,761,285.18 | 32,620,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 9.75% | NR | 01-Nov-2028 | 5.63 |
| Saudi Arabian Oil | 0.75% | -0.03 | $39,780,236.64 | 33,600,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 4.25% | A1 | 16-Apr-2039 | 12.92 |
| Nigeria Government International Bond | 0.71% | 0.06 | $37,408,134.07 | 33,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 7.14% | B2 | 23-Feb-2030 | 6.58 |
| Turkey Government International Bond | 0.69% | -0.65 | $36,519,803.38 | 33,812,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.00% | B2 | 25-Mar-2027 | 5.11 |
| Russian Foreign Bond - Eurobond | 0.68% | 0.12 | $35,832,615.80 | 25,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 5.25% | NR | 23-Jun-2047 | 15.80 |
| Sri Lanka Government International Bond | 0.67% | -0.03 | $35,475,851.01 | 39,540,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.25% | Caa1 | 27-Jul-2021 | 0.47 |
| Oman Government International Bond | 0.67% | 0.02 | $35,238,982.89 | 35,055,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 4.75% | Ba3 | 15-Jun-2026 | 4.74 |
| Argentine Republic Government International Bond | 0.66% | -0.71 | $34,741,831.74 | 84,497,279 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Argentina | 0.13% | NR | 09-Jan-2038 | 7.34 |
| Republic of South Africa Government International Bond | 0.65% | 0.08 | $34,334,493.79 | 33,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 5.65% | Ba2 | 27-Sep-2047 | 13.14 |
| Jordan Government International Bond | 0.62% | N/A | $33,003,033.09 | 29,100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Jordan | 5.85% | B1 | 07-Jul-2030 | 7.17 |
| Ukraine Government International Bond | 0.62% | 0.02 | $32,926,421.37 | 26,350,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 9.75% | NR | 01-Nov-2028 | 5.63 |
| Bahamas Government International Bond | 0.62% | N/A | $32,738,933.93 | 29,450,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Bahamas | 8.95% | Ba2 | 15-Oct-2032 | 6.87 |
| Turkey Government International Bond | 0.62% | 0.02 | $32,555,344.97 | 31,765,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 4.88% | B2 | 09-Oct-2026 | 4.93 |
| Egypt Government International Bond | 0.60% | 0.05 | $31,456,185.03 | 26,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.60% | B2 | 01-Mar-2029 | 6.07 |
| Dominican Republic International Bond | 0.59% | 0.39 | $31,106,813.82 | 27,720,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 4.88% | Ba3 | 23-Sep-2032 | 8.90 |
| Colombia Government International Bond | 0.58% | 0.01 | $30,846,715.26 | 22,470,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 6.13% | Baa2 | 18-Jan-2041 | 12.33 |
| Paraguay Government International Bond | 0.58% | 0.12 | $30,747,115.41 | 23,949,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Paraguay | 5.40% | Ba1 | 30-Mar-2050 | 15.42 |
| Bahamas Government International Bond | 0.58% | 0.01 | $30,417,201.66 | 31,300,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Bahamas | 6.00% | Ba2 | 21-Nov-2028 | 5.46 |
| Angolan Government International Bond | 0.57% | 0.31 | $29,977,212.70 | 32,050,000 | Government | Foreign Govt & Muni (Excl Canadian) | Angola | 9.13% | Caa1 | 26-Nov-2049 | 9.18 |
| Republic of Uzbekistan Bond | 0.55% | 0.01 | $29,197,987.24 | 24,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Uzbekistan | 5.38% | NR | 20-Feb-2029 | 6.59 |
| Bahrain Government International Bond | 0.55% | -0.00 | $29,121,154.55 | 24,755,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bahrain | 7.00% | NR | 12-Oct-2028 | 6.03 |
| Colombia Government International Bond | 0.55% | 0.00 | $28,997,434.78 | 22,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 5.63% | Baa2 | 26-Feb-2044 | 13.76 |
| Finance department Government of Sharjah | 0.54% | -0.02 | $28,610,716.29 | 27,595,000 | Government | Foreign Govt & Muni (Excl Canadian) | United Arab Emirates | 4.00% | Baa2 | 28-Jul-2050 | 16.65 |
| Jamaica Government International Bond | 0.53% | 0.11 | $28,184,747.29 | 19,159,000 | Government | Foreign Govt & Muni (Excl Canadian) | Jamaica | 7.88% | B2 | 28-Jul-2045 | 12.40 |
| Cometa Energia SA de CV | 0.53% | -0.00 | $28,183,948.75 | 23,799,800 | Corporate Securities | Energy | Mexico | 6.38% | Baa3 | 24-Apr-2035 | 6.84 |
| Senegal Government International Bond | 0.53% | 0.03 | $27,851,859.88 | 24,600,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Senegal | 6.25% | Ba3 | 23-May-2033 | 8.22 |
| Angolan Government International Bond | 0.52% | 0.34 | $27,707,260.31 | 29,150,000 | Government | Foreign Govt & Muni (Excl Canadian) | Angola | 8.00% | Caa1 | 26-Nov-2029 | 6.11 |
| Angolan Government International Bond | 0.52% | 0.13 | $27,538,873.02 | 28,515,000 | Government | Foreign Govt & Muni (Excl Canadian) | Angola | 8.25% | Caa1 | 09-May-2028 | 5.35 |
| Philippine Government International Bond | 0.52% | N/A | $27,450,736.88 | 27,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Philippines | 2.65% | Baa2 | 10-Dec-2045 | 17.92 |
| Brazilian Government International Bond | 0.51% | 0.03 | $27,129,677.17 | 22,385,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 5.63% | Ba2 | 07-Jan-2041 | 12.19 |
| Petroleos Mexicanos | 0.50% | 0.04 | $26,415,914.16 | 24,580,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.50% | Ba2 | 13-Mar-2027 | 5.00 |
| Sri Lanka Government International Bond | 0.50% | -0.04 | $26,390,798.13 | 32,565,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 5.75% | Caa1 | 18-Jan-2022 | 0.86 |
| El Salvador Government International Bond | 0.47% | 0.08 | $24,953,559.02 | 26,100,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 7.65% | B3 | 15-Jun-2035 | 8.38 |
| Perusahaan Penerbit SBSN Indonesia III | 0.47% | -0.01 | $24,917,344.23 | 21,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.15% | Baa2 | 29-Mar-2027 | 5.51 |
| Saudi Government International Bond | 0.47% | -0.01 | $24,590,196.26 | 23,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 2.75% | A1 | 03-Feb-2032 | 9.45 |
| Turkey Government International Bond | 0.46% | 0.04 | $24,479,896.88 | 27,550,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 4.88% | B2 | 16-Apr-2043 | 12.47 |
| Ecuador Government International Bond | 0.45% | -0.11 | $23,979,054.95 | 37,152,670 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ecuador | 0.50% | NR | 31-Jul-2030 | 5.49 |
| Bahrain Government International Bond | 0.44% | 0.24 | $23,386,717.95 | 19,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bahrain | 7.50% | NR | 20-Sep-2047 | 11.99 |
| Senegal Government International Bond | 0.44% | 0.04 | $22,993,248.41 | 17,000,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Senegal | 4.75% | Ba3 | 13-Mar-2028 | 5.17 |
| Brazilian Government International Bond | 0.43% | -0.00 | $22,876,236.95 | 20,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 4.63% | Baa3 | 13-Jan-2028 | 5.94 |
| Perusahaan Penerbit SBSN Indonesia III | 0.43% | -0.31 | $22,793,026.12 | 19,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.45% | Baa2 | 20-Feb-2029 | 6.85 |
| Republic of Uzbekistan Bond | 0.43% | -0.00 | $22,566,015.95 | 20,405,000 | Government | Foreign Govt & Muni (Excl Canadian) | Uzbekistan | 4.75% | NR | 20-Feb-2024 | 2.88 |
| Turkey Government International Bond | 0.43% | 0.03 | $22,541,837.29 | 21,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 5.13% | B2 | 17-Feb-2028 | 5.80 |
| Saudi Arabian Oil | 0.43% | -0.02 | $22,455,913.70 | 20,050,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 3.50% | A1 | 16-Apr-2029 | 7.19 |
| Finance department Government of Sharjah | 0.42% | N/A | $22,395,186.61 | 21,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | United Arab Emirates | 4.00% | Baa2 | 28-Jul-2050 | 16.65 |
| Mongolia Government International Bond | 0.42% | -0.24 | $22,234,642.60 | 21,250,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 5.13% | B3 | 05-Dec-2022 | 1.82 |
| Sri Lanka Government International Bond | 0.42% | 0.05 | $22,184,743.44 | 36,300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.83% | Caa1 | 18-Jul-2026 | 3.81 |
| Oman Government International Bond | 0.42% | 0.06 | $22,044,346.78 | 21,930,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 6.50% | Ba3 | 08-Mar-2047 | 11.82 |
| Oman Government International Bond | 0.42% | N/A | $21,957,656.82 | 20,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 6.75% | Ba3 | 28-Oct-2027 | 5.42 |
| Senegal Government International Bond | 0.41% | 0.03 | $21,454,989.63 | 18,950,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Senegal | 6.25% | Ba3 | 23-May-2033 | 8.22 |
| Argentine Republic Government International Bond | 0.41% | -0.41 | $21,406,295.40 | 52,542,504 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Argentina | 0.13% | NR | 09-Jul-2030 | 5.56 |
| Sri Lanka Government International Bond | 0.39% | -0.09 | $20,549,990.95 | 33,625,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.83% | Caa1 | 18-Jul-2026 | 3.81 |
| Ukraine Government International Bond | 0.39% | 0.03 | $20,536,209.99 | 17,860,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | B3 | 01-Sep-2025 | 3.86 |
| El Salvador Government International Bond | 0.38% | -0.21 | $20,157,841.43 | 19,485,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 8.63% | B3 | 28-Feb-2029 | 5.60 |
| Development Bank of Mongolia | 0.38% | -0.02 | $20,032,333.31 | 18,420,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 7.25% | NR | 23-Oct-2023 | 2.52 |
| Brazilian Government International Bond | 0.36% | N/A | $18,954,003.10 | 17,900,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 3.88% | NR | 12-Jun-2030 | 7.88 |
| BBVA Bancomer SA/Texas | 0.36% | 0.03 | $18,906,104.09 | 17,150,000 | Corporate Securities | Banking | Mexico | 5.13% | NR | 18-Jan-2033 | 8.88 |
| Kenya Government International Bond | 0.35% | N/A | $18,707,433.93 | 15,900,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Kenya | 8.00% | B2 | 22-May-2032 | 7.20 |
| Turkey Government International Bond | 0.35% | 0.05 | $18,433,574.48 | 18,120,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.00% | B2 | 14-Jan-2041 | 11.02 |
| Corp Nacional del Cobre de Chile | 0.35% | -0.00 | $18,379,714.45 | 16,450,000 | Corporate Securities | Metals & Mining | Chile | 3.70% | A3 | 30-Jan-2050 | 17.68 |
| Oman Government International Bond | 0.35% | 0.01 | $18,275,416.03 | 18,180,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 4.75% | Ba3 | 15-Jun-2026 | 4.74 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 0.35% | -0.01 | $18,254,306.42 | 15,300,000 | Corporate Securities | Energy | Indonesia | 5.25% | Baa2 | 24-Oct-2042 | 13.37 |
| Republic of South Africa Government International Bond | 0.35% | 0.02 | $18,253,487.96 | 16,950,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.85% | Ba2 | 30-Sep-2029 | 7.04 |
| Mongolia Government International Bond | 0.34% | 0.00 | $18,010,837.88 | 15,090,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 8.75% | B3 | 09-Mar-2024 | 2.76 |
| Ivory Coast Government International Bond | 0.34% | 0.15 | $17,854,558.90 | 17,641,575 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 5.75% | NR | 31-Dec-2032 | 5.27 |
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 0.34% | -0.01 | $17,834,399.46 | 16,600,000 | Corporate Securities | Banking | Mexico | 8.50% | Ba1 | 20-Apr-2169 | 10.94 |
| Times China Holdings | 0.33% | 0.00 | $17,370,209.92 | 15,900,000 | Corporate Securities | Building & Real Estate | China | 6.75% | B1 | 08-Jul-2025 | 3.77 |
| Icl | 0.32% | -0.01 | $16,905,914.38 | 12,850,000 | Corporate Securities | Chemicals | Israel | 6.38% | NR | 31-May-2038 | 11.28 |
| State Grid Overseas Investment 2013 | 0.31% | -0.28 | $16,599,779.20 | 12,979,000 | Corporate Securities | Utilities | China | 4.38% | A1 | 22-May-2043 | 14.94 |
| Morocco Government International Bond | 0.31% | N/A | $16,590,915.63 | 16,275,000 | Government | Foreign Govt & Muni (Excl Canadian) | Morocco | 3.00% | NR | 15-Dec-2032 | 9.96 |
| Turkiye Sise Ve Cam Fabrikalari | 0.31% | 0.02 | $16,294,869.89 | 14,345,000 | Corporate Securities | Building Products | Turkey | 6.95% | B2 | 14-Mar-2026 | 4.32 |
| Trinidad & Tobago Government International Bond | 0.31% | 0.01 | $16,186,596.70 | 14,960,000 | Government | Foreign Govt & Muni (Excl Canadian) | Trinidad and Tobago | 4.50% | Ba1 | 26-Jun-2030 | 7.73 |
| Turkey Government International Bond | 0.31% | 0.03 | $16,159,152.79 | 14,525,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.88% | B2 | 17-Mar-2036 | 9.37 |
| Ruwais Power Co PJSC | 0.30% | N/A | $16,016,274.09 | 11,795,000 | Corporate Securities | Energy | United Arab Emirates | 6.00% | A3 | 31-Aug-2036 | 9.72 |
| Perusahaan Penerbit SBSN Indonesia III | 0.30% | -0.02 | $15,859,891.24 | 13,941,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.35% | Baa2 | 10-Sep-2024 | 3.40 |
| Costa Rica Government International Bond | 0.30% | 0.07 | $15,794,206.37 | 16,765,000 | Government | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 7.00% | B2 | 04-Apr-2044 | 10.47 |
| El Salvador Government International Bond | 0.30% | 0.14 | $15,790,806.88 | 16,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 5.88% | B3 | 30-Jan-2025 | 3.45 |
| Ukraine Railways Via Rail Capital Markets | 0.30% | 0.01 | $15,673,907.93 | 14,420,000 | Corporate Securities | Transportation | Ukraine | 8.25% | NR | 09-Jul-2024 | 2.92 |
| Acwa Power Management & Investments One | 0.30% | 0.24 | $15,617,145.00 | 13,000,000 | Corporate Securities | Energy | United Arab Emirates | 5.95% | Baa3 | 15-Dec-2039 | 7.26 |
| Qatar Government International Bond | 0.29% | -0.01 | $15,545,754.92 | 11,820,000 | Government | Foreign Govt & Muni (Excl Canadian) | Qatar | 4.40% | Aa3 | 16-Apr-2050 | 17.55 |
| Petroleos De Venezuela | 0.29% | 0.06 | $15,465,400.00 | 386,635,000 | Corporate Securities | Energy | Venezuela | 9.00% | NR | 17-Nov-2021 | 0.32 |
| International Container Terminal Services | 0.29% | -0.01 | $15,381,681.65 | 14,100,000 | Corporate Securities | Transportation | Philippines | 4.75% | NR | 17-Jun-2030 | 7.64 |
| Bermuda Government International Bond | 0.29% | 0.00 | $15,324,858.06 | 14,014,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bermuda | 3.38% | A2 | 20-Aug-2050 | 18.48 |
| Brazilian Government International Bond | 0.29% | 0.25 | $15,313,719.39 | 13,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 4.50% | Ba2 | 30-May-2029 | 7.03 |
| Israel Electric | 0.28% | -0.00 | $14,737,666.09 | 12,540,000 | Corporate Securities | Electric Utilities | Israel | 4.25% | Baa2 | 14-Aug-2028 | 6.50 |
| Abu Dhabi Government International Bond | 0.28% | -0.01 | $14,723,915.87 | 12,940,000 | Government | Foreign Govt & Muni (Excl Canadian) | United Arab Emirates | 3.13% | Aa2 | 16-Apr-2030 | 8.09 |
| Egypt Government International Bond | 0.28% | 0.02 | $14,529,298.14 | 12,900,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 6.59% | B2 | 21-Feb-2028 | 5.61 |
| Oman Government International Bond | 0.27% | 0.02 | $14,361,372.29 | 13,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 5.63% | Ba3 | 17-Jan-2028 | 5.62 |
| Emirates NBD Bank PJSC | 0.27% | 0.00 | $14,271,565.58 | 13,100,000 | Corporate Securities | Banking | United Arab Emirates | 6.13% | B1 | 20-Sep-2169 | 14.10 |
| Barbados Government International Bond | 0.27% | -0.01 | $14,221,687.51 | 13,755,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Barbados | 6.50% | NR | 01-Oct-2029 | 5.12 |
| Ypf | 0.27% | -0.01 | $14,175,170.58 | 14,450,000 | Corporate Securities | Energy | Argentina | 8.50% | Caa3 | 23-Mar-2021 | 0.19 |
| Oman Government International Bond | 0.26% | N/A | $13,925,948.48 | 13,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 6.75% | Ba3 | 17-Jan-2048 | 11.59 |
| Suzano Austria GmbH | 0.26% | 0.00 | $13,922,757.02 | 11,300,000 | Corporate Securities | Forest Products | Brazil | 6.00% | NR | 15-Jan-2029 | 6.39 |
| GTLK Europe DAC | 0.26% | -0.01 | $13,883,681.42 | 13,000,000 | Corporate Securities | Financial | Russia | 5.13% | Ba2 | 31-May-2024 | 3.11 |
| Embraer Netherlands Finance BV | 0.26% | 0.01 | $13,830,290.71 | 13,000,000 | Corporate Securities | Aerospace & Defense | Brazil | 5.05% | Ba2 | 15-Jun-2025 | 3.97 |
| Leviathan Bond | 0.25% | 0.00 | $13,448,497.60 | 12,250,000 | Corporate Securities | Energy | Israel | 6.13% | Ba3 | 30-Jun-2025 | 3.94 |
| Banco Nacional de Panama | 0.25% | -0.01 | $13,351,111.55 | 13,190,000 | Corporate Securities | Financial | Panama | 2.50% | Baa1 | 11-Aug-2030 | 8.40 |
| Mexican Bonos | 0.25% | 0.02 | $13,230,121.17 | 214,900,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 8.50% | Baa1 | 31-May-2029 | 0.00 |
| Banco De Bogota | 0.25% | 0.00 | $13,149,161.34 | 11,300,000 | Corporate Securities | Banking | Colombia | 6.25% | Ba2 | 12-May-2026 | 4.59 |
| Egypt Government Bond | 0.25% | 0.00 | $13,141,131.73 | 192,400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 14.05% | NR | 21-Jul-2022 | N/A |
| Ypf | 0.25% | 0.06 | $13,138,348.91 | 14,475,000 | Corporate Securities | Energy | Argentina | 8.75% | Caa3 | 04-Apr-2024 | 1.92 |
| Controladora Mabe SA de CV | 0.25% | 0.03 | $13,123,317.61 | 11,015,000 | Corporate Securities | Consumer Products | Mexico | 5.60% | Baa3 | 23-Oct-2028 | 6.40 |
| Dominican Republic International Bond | 0.25% | 0.01 | $13,121,676.63 | 10,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 6.88% | Ba3 | 29-Jan-2026 | 4.28 |
| Mongolia Government International Bond | 0.25% | 0.01 | $13,089,595.99 | 12,040,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 5.13% | B3 | 07-Apr-2026 | 4.57 |
| Oztel Holdings SPC | 0.25% | N/A | $13,074,446.61 | 12,000,000 | Corporate Securities | Wireless Communications | Oman | 6.63% | Ba3 | 24-Apr-2028 | 5.74 |
| Manila Water | 0.25% | 0.00 | $12,953,541.05 | 12,450,000 | Corporate Securities | Utilities | Philippines | 4.38% | NR | 30-Jul-2030 | 7.61 |
| VF Ukraine PAT via VFU Funding | 0.25% | 0.00 | $12,949,133.27 | 12,000,000 | Corporate Securities | Wireless Communications | Ukraine | 6.20% | NR | 11-Feb-2025 | 3.53 |
| Azul Investments LLP | 0.24% | -0.06 | $12,836,378.73 | 13,543,000 | Corporate Securities | Airlines | Brazil | 5.88% | Caa1 | 26-Oct-2024 | 3.29 |
| Kuwait Projects Co SPC | 0.24% | N/A | $12,763,464.38 | 12,200,000 | Corporate Securities | Financial | Kuwait | 4.23% | Baa3 | 29-Oct-2026 | 5.09 |
| Sharjah Sukuk Program | 0.24% | N/A | $12,670,564.88 | 12,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | United Arab Emirates | 3.23% | Baa2 | 23-Oct-2029 | 7.61 |
| Indonesia Treasury Bond | 0.24% | 0.02 | $12,656,246.58 | 145,474,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 9.00% | Baa2 | 15-Mar-2029 | 0.00 |
| Celulosa Arauco Y Constitucion | 0.24% | 0.04 | $12,607,664.51 | 10,677,000 | Corporate Securities | Forest Products | Chile | 5.15% | Baa3 | 29-Jan-2050 | 15.29 |
| Mong Duong Finance Holdings BV | 0.24% | -0.01 | $12,530,405.37 | 11,815,000 | Corporate Securities | Utilities | Vietnam | 5.13% | Ba3 | 07-May-2029 | 4.72 |
| Turk Telekomunikasyon | 0.24% | 0.00 | $12,464,652.85 | 12,000,000 | Corporate Securities | Wireline Communications | Turkey | 4.88% | NR | 19-Jun-2024 | 3.17 |
| Telefonica Celular Del Paraguay | 0.24% | -0.01 | $12,450,178.67 | 11,535,000 | Corporate Securities | Wireline Communications | Paraguay | 5.88% | Ba1 | 15-Apr-2027 | 5.19 |
| Lamar Funding | 0.24% | 0.05 | $12,422,589.79 | 12,525,000 | Corporate Securities | Utilities | Oman | 3.96% | Ba3 | 07-May-2025 | 3.92 |
| Ecuador Government International Bond | 0.23% | -0.09 | $12,309,755.92 | 23,941,050 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ecuador | 0.50% | NR | 31-Jul-2040 | 10.82 |
| Turk Telekomunikasyon | 0.23% | 0.01 | $12,290,809.77 | 10,875,000 | Corporate Securities | Wireline Communications | Turkey | 6.88% | NR | 28-Feb-2025 | 3.56 |
| Qatar Government International Bond | 0.23% | -0.01 | $12,231,431.54 | 9,300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Qatar | 4.40% | Aa3 | 16-Apr-2050 | 17.55 |
| Ghana Government International Bond | 0.23% | 0.04 | $12,184,040.96 | 11,500,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 8.75% | B3 | 11-Mar-2061 | 10.56 |
| Ghana Government International Bond | 0.23% | 0.04 | $11,972,107.55 | 11,300,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 8.75% | B3 | 11-Mar-2061 | 10.56 |
| EQUATE PETROCHEMICALS | 0.23% | 0.00 | $11,942,838.40 | 9,500,000 | Corporate Securities | Chemicals | Kuwait | 5.88% | Baa2 | 18-May-2030 | 7.42 |
| Globe Telecom | 0.22% | -0.00 | $11,644,078.82 | 11,750,000 | Corporate Securities | Wireline Communications | Philippines | 3.00% | NR | 23-Jul-2035 | 11.46 |
| Dominican Republic International Bond | 0.22% | 0.02 | $11,533,560.67 | 8,810,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 7.45% | Ba3 | 30-Apr-2044 | 12.06 |
| Ghana Government International Bond | 0.22% | 0.08 | $11,515,475.60 | 10,705,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 7.63% | B3 | 16-May-2029 | 5.57 |
| Lebanon Government International Bond | 0.22% | -0.03 | $11,435,402.00 | 78,100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Lebanon | 6.00% | NR | 27-Jan-2023 | 0.78 |
| Saudi Arabian Oil | 0.22% | -0.01 | $11,365,781.90 | 9,600,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 4.25% | A1 | 16-Apr-2039 | 12.92 |
| KSA Sukuk | 0.21% | N/A | $11,121,010.17 | 10,240,000 | Government | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 2.97% | A1 | 29-Oct-2029 | 7.74 |
| Republic of South Africa Government International Bond | 0.21% | 0.02 | $11,093,260.07 | 10,050,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 6.25% | Ba2 | 08-Mar-2041 | 11.36 |
| Uruguay Government International Bond | 0.21% | -0.02 | $11,086,456.87 | 7,883,666 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Uruguay | 5.10% | Baa2 | 18-Jun-2050 | 16.71 |
| State Grid Overseas Investment 2014 | 0.21% | -0.02 | $11,008,043.04 | 7,953,000 | Corporate Securities | Utilities | China | 4.85% | A1 | 07-May-2044 | 15.03 |
| Nigeria Government International Bond | 0.21% | -0.18 | $10,861,299.71 | 10,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 6.50% | B2 | 28-Nov-2027 | 5.54 |
| Country Garden Holdings | 0.21% | -0.01 | $10,854,272.21 | 10,350,000 | Corporate Securities | Building & Real Estate | China | 4.75% | NR | 17-Jan-2023 | 1.89 |
| Petrobras Global Finance BV | 0.20% | 0.02 | $10,677,648.59 | 8,515,000 | Corporate Securities | Energy | Brazil | 6.85% | Ba2 | 05-Jun-2115 | 16.99 |
| Colombia Government International Bond | 0.20% | 0.19 | $10,625,060.94 | 10,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 3.00% | Baa2 | 30-Jan-2030 | 7.84 |
| Banco Mercantil del Norte SA/Grand Cayman | 0.20% | 0.02 | $10,388,578.45 | 9,000,000 | Corporate Securities | Banking | Mexico | 7.63% | Ba2 | 06-Oct-2169 | 11.86 |
| Argentine Republic Government International Bond | 0.19% | -0.02 | $10,268,381.10 | 23,455,930 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Argentina | 1.00% | NR | 09-Jul-2029 | 5.24 |
| Liberty Latin America | 0.19% | 0.00 | $10,113,252.85 | 10,525,000 | Communication Services | Diversified Telecommunication Services | Chile | 2.00% | NR | 15-Jul-2024 | N/A |
| Mongolia Government International Bond | 0.19% | -0.01 | $9,954,910.26 | 9,330,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 5.63% | B3 | 01-May-2023 | 2.16 |
| Trinidad Petroleum Holdings | 0.19% | 0.00 | $9,831,174.00 | 8,352,000 | Corporate Securities | Petroleum | Trinidad and Tobago | 9.75% | Ba3 | 15-Jun-2026 | 4.24 |
| MercadoLibre | 0.18% | 0.03 | $9,766,796.79 | 2,574,000 | Consumer Discretionary | Internet & Direct Marketing Retail | Argentina | 2.00% | NR | 15-Aug-2028 | N/A |
| Oman Government International Bond | 0.18% | 0.01 | $9,355,727.49 | 9,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 5.38% | Ba3 | 08-Mar-2027 | 5.13 |
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 0.18% | -0.00 | $9,290,700.22 | 8,000,000 | Corporate Securities | Banking | Mexico | 5.38% | Baa1 | 17-Apr-2025 | 3.84 |
| Tingyi Cayman Islands Holding | 0.17% | -0.01 | $9,204,082.10 | 9,174,000 | Corporate Securities | Food/Tobacco | China | 1.63% | Baa1 | 24-Sep-2025 | 4.50 |
| Pertamina Persero PT | 0.17% | -0.00 | $9,146,271.22 | 7,050,000 | Corporate Securities | Petroleum | Indonesia | 6.00% | Baa2 | 03-May-2042 | 12.85 |
| U.S. Treasury Notes | 0.17% | -0.01 | $9,076,224.39 | 8,967,000 | US Govt & Agencies | U S Treasury Obligations | United States | 2.50% | Aaa | 31-Jan-2021 | N/A |
| Egypt Government International Bond | 0.17% | 0.02 | $8,979,473.24 | 8,025,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.90% | B2 | 21-Feb-2048 | 11.08 |
| State Grid Overseas Investment 2016 | 0.17% | -0.01 | $8,947,979.64 | 8,000,000 | Corporate Securities | Utilities | China | 3.50% | A1 | 04-May-2027 | 5.69 |
| Laos Government International Bond | 0.17% | 0.01 | $8,879,164.15 | 9,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Laos | 6.88% | B3 | 30-Jun-2021 | N/A |
| Mexico City Airport Trust | 0.17% | -0.19 | $8,867,462.68 | 8,220,000 | Corporate Securities | Transportation | Mexico | 5.50% | Baa3 | 31-Jul-2047 | 13.54 |
| HTA Group Ltd/Mauritius | 0.16% | -0.01 | $8,640,946.92 | 7,967,000 | Corporate Securities | Media & Communications | Congo, Democratic Republic Of | 7.00% | B2 | 18-Dec-2025 | 4.19 |
| Csn Resources | 0.16% | -0.00 | $8,625,919.74 | 8,075,000 | Corporate Securities | Metals & Mining | Brazil | 7.63% | B2 | 13-Feb-2023 | 1.88 |
| Petroleos De Venezuela | 0.16% | 0.09 | $8,497,912.50 | 30,901,500 | Corporate Securities | Energy | Venezuela | 8.50% | NR | 27-Oct-2021 | 1.26 |
| Adani Ports & Special Economic Zone | 0.16% | 0.00 | $8,443,440.73 | 7,745,000 | Corporate Securities | Transportation | India | 4.20% | Baa3 | 04-Aug-2027 | 5.67 |
| Cemex SAB de CV | 0.16% | 0.00 | $8,422,576.54 | 7,600,000 | Corporate Securities | Building Products | Mexico | 5.45% | NR | 19-Nov-2029 | 7.05 |
| Romanian Government International Bond | 0.16% | 0.00 | $8,413,422.75 | 7,584,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 4.00% | Baa3 | 14-Feb-2051 | 17.26 |
| Health & Happiness H&H International Holdings | 0.16% | 0.12 | $8,338,078.42 | 7,880,000 | Corporate Securities | Consumer Products | China | 5.63% | Ba3 | 24-Oct-2024 | 3.38 |
| Hazine Mustesarligi Varlik Kiralama | 0.16% | -0.10 | $8,239,567.82 | 8,175,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 4.49% | B2 | 25-Nov-2024 | 3.52 |
| Axtel SAB de CV | 0.15% | -0.01 | $8,170,133.70 | 7,800,000 | Corporate Securities | Wireline Communications | Mexico | 6.38% | Ba3 | 14-Nov-2024 | 3.38 |
| Nexa Resources | 0.15% | 0.01 | $7,992,115.50 | 6,575,000 | Corporate Securities | Metals & Mining | Peru | 6.50% | Ba2 | 18-Jan-2028 | 5.60 |
| Romanian Government International Bond | 0.15% | 0.15 | $7,987,364.25 | 7,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 4.00% | Baa3 | 14-Feb-2051 | 17.26 |
| Republic of Uzbekistan Bond | 0.15% | 0.00 | $7,857,344.27 | 6,620,000 | Government | Foreign Govt & Muni (Excl Canadian) | Uzbekistan | 5.38% | NR | 20-Feb-2029 | 6.59 |
| Brazilian Government International Bond | 0.14% | 0.01 | $7,638,324.59 | 5,095,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 8.25% | Ba2 | 20-Jan-2034 | 8.66 |
| Nigeria Government International Bond | 0.14% | 0.02 | $7,585,815.38 | 6,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 7.88% | B2 | 16-Feb-2032 | 7.31 |
| Petroleos De Venezuela | 0.14% | 0.03 | $7,580,600.00 | 189,515,000 | Corporate Securities | Energy | Venezuela | 6.00% | NR | 16-May-2024 | 0.36 |
| Guatemala Government Bond | 0.14% | N/A | $7,562,691.67 | 6,435,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Guatemala | 4.90% | Ba1 | 01-Jun-2030 | 6.98 |
| Transnet SOC | 0.14% | -0.00 | $7,525,192.58 | 7,300,000 | Corporate Securities | Transportation | South Africa | 4.00% | Ba2 | 26-Jul-2022 | 1.48 |
| BBVA Bancomer SA/Texas | 0.14% | 0.00 | $7,524,226.52 | 7,000,000 | Corporate Securities | Banking | Mexico | 5.35% | Baa3 | 12-Nov-2029 | 7.08 |
| Bahrain Government International Bond | 0.14% | -0.04 | $7,439,291.43 | 6,195,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bahrain | 7.38% | B2 | 14-May-2030 | 6.90 |
| Yuzhou Group Holdings | 0.14% | N/A | $7,407,566.19 | 6,700,000 | Corporate Securities | Building & Real Estate | China | 8.38% | B1 | 30-Oct-2024 | 3.23 |
| Ghana Government International Bond | 0.14% | N/A | $7,369,498.57 | 6,845,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 8.13% | B3 | 26-Mar-2032 | 6.87 |
| Paraguay Government International Bond | 0.14% | -0.00 | $7,323,309.82 | 5,990,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Paraguay | 4.95% | Ba1 | 28-Apr-2031 | 7.59 |
| Romanian Government International Bond | 0.14% | 0.00 | $7,295,952.75 | 6,698,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 3.00% | Baa3 | 14-Feb-2031 | 8.62 |
| Nexa Resources | 0.14% | 0.03 | $7,263,623.29 | 6,476,000 | Corporate Securities | Metals & Mining | Peru | 5.38% | Ba2 | 04-May-2027 | 5.37 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 0.14% | -0.00 | $7,263,437.33 | 6,245,000 | Corporate Securities | Energy | Indonesia | 4.88% | Baa2 | 17-Jul-2049 | 15.53 |
| Paraguay Government International Bond | 0.14% | 0.00 | $7,175,575.89 | 5,490,000 | Government | Foreign Govt & Muni (Excl Canadian) | Paraguay | 5.60% | NR | 13-Mar-2048 | 14.95 |
| CIFI Holdings | 0.14% | N/A | $7,131,459.89 | 6,560,000 | Corporate Securities | Building & Real Estate | China | 6.55% | NR | 28-Mar-2024 | 2.87 |
| TransJamaican Highway | 0.13% | 0.00 | $6,694,653.92 | 6,415,000 | Corporate Securities | Transportation | Jamaica | 5.75% | NR | 10-Oct-2036 | 6.99 |
| Peruvian Government International Bond | 0.13% | -0.00 | $6,668,985.49 | 6,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Peru | 2.84% | A3 | 20-Jun-2030 | 8.34 |
| Albania Government International Bond | 0.13% | 0.01 | $6,629,427.05 | 4,980,000 | Government | Foreign Govt & Muni (Excl Canadian) | Albania | 3.50% | B1 | 16-Jun-2027 | 5.68 |
| Globo Comunicacao E Participacoes | 0.13% | 0.00 | $6,608,191.11 | 6,045,000 | Corporate Securities | Telephones | Brazil | 5.13% | NR | 31-Mar-2027 | N/A |
| Saudi Government International Bond | 0.12% | -0.13 | $6,495,765.29 | 5,850,000 | Government | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 3.75% | A1 | 21-Jan-2055 | 19.05 |
| Ukraine Government International Bond | 0.12% | 0.01 | $6,459,775.96 | 6,248,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 0.00% | NR | 31-May-2040 | N/A |
| Empresa De Transporte De Pasajeros Metro | 0.12% | -0.00 | $6,406,054.32 | 5,055,000 | Corporate Securities | Transportation | Chile | 4.70% | NR | 07-May-2050 | 16.87 |
| Cosan Overseas | 0.12% | -0.00 | $6,352,974.46 | 6,085,000 | Corporate Securities | Food/Tobacco | Brazil | 8.25% | Ba2 | 05-Feb-2169 | 10.46 |
| Periama Holdings LLC/DE | 0.12% | N/A | $6,326,890.90 | 5,870,000 | Corporate Securities | Energy | India | 5.95% | Ba2 | 19-Apr-2026 | 4.48 |
| Hutama Karya Persero PT | 0.12% | -0.00 | $6,321,258.00 | 5,610,000 | Corporate Securities | Building Products | Indonesia | 3.75% | Baa2 | 11-May-2030 | 7.92 |
| Country Garden Holdings | 0.12% | -0.00 | $6,288,343.45 | 5,700,000 | Corporate Securities | Building & Real Estate | China | 8.00% | NR | 27-Jan-2024 | 2.67 |
| Ypf | 0.12% | 0.00 | $6,272,039.17 | 7,755,000 | Corporate Securities | Energy | Argentina | 8.50% | Caa3 | 28-Jul-2025 | 3.35 |
| Dominican Republic International Bond | 0.12% | 0.01 | $6,209,813.86 | 5,155,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 5.95% | Ba3 | 25-Jan-2027 | 5.06 |
| Zambia Government International Bond | 0.12% | 0.10 | $6,146,640.40 | 11,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Zambia | 5.38% | NR | 20-Sep-2022 | 1.27 |
| Oman Government International Bond | 0.11% | 0.02 | $5,990,231.62 | 5,850,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 6.75% | Ba3 | 17-Jan-2048 | 11.59 |
| Banco BTG Pactual SA/Cayman Islands | 0.11% | N/A | $5,979,596.84 | 5,341,000 | Corporate Securities | Banking | Brazil | 7.75% | B1 | 15-Feb-2029 | 5.98 |
| Lenovo | 0.11% | N/A | $5,911,609.56 | 5,590,000 | Corporate Securities | Information Technology | China | 3.42% | Baa3 | 02-Nov-2030 | 8.29 |
| Colombia Government International Bond | 0.11% | 0.00 | $5,873,642.95 | 5,245,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 4.13% | Baa2 | 15-May-2051 | 17.44 |
| Corp Nacional del Cobre de Chile | 0.11% | -0.00 | $5,783,200.37 | 4,995,000 | Corporate Securities | Metals & Mining | Chile | 3.75% | A3 | 15-Jan-2031 | 8.28 |
| Csn Resources | 0.11% | -0.00 | $5,768,416.91 | 5,400,000 | Corporate Securities | Metals & Mining | Brazil | 7.63% | B2 | 13-Feb-2023 | 1.88 |
| Kuwait International Government Bond | 0.11% | -0.00 | $5,743,542.82 | 5,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kuwait | 3.50% | NR | 20-Mar-2027 | 5.60 |
| Venezuela Government International Bond | 0.11% | 0.01 | $5,623,090.00 | 57,970,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 7.75% | NR | 13-Oct-2021 | 0.55 |
| HPCL-Mittal Energy | 0.10% | -0.04 | $5,493,037.39 | 5,235,000 | Corporate Securities | Energy | India | 5.25% | Ba3 | 28-Apr-2027 | 5.30 |
| Venezuela Government International Bond | 0.10% | 0.01 | $5,374,285.00 | 55,405,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 6.00% | NR | 09-Dec-2021 | 0.79 |
| Akbank T.A.S. | 0.10% | N/A | $5,304,854.18 | 5,160,000 | Corporate Securities | Banking | Turkey | 5.13% | B2 | 31-Mar-2025 | 3.73 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 0.10% | -0.00 | $5,291,688.53 | 4,730,000 | Corporate Securities | Energy | Indonesia | 3.88% | Baa2 | 17-Jul-2029 | 7.20 |
| Thaioil Treasury Center | 0.10% | 0.00 | $5,029,971.83 | 5,175,000 | Corporate Securities | Oil Field Serv | Thailand | 3.50% | Baa2 | 17-Oct-2049 | 17.32 |
| Lima Metro Line 2 Finance | 0.10% | -0.01 | $5,021,450.61 | 4,102,965 | Corporate Securities | Transportation | Peru | 5.88% | Baa1 | 05-Jul-2034 | 6.33 |
| Serbia International Bond | 0.09% | N/A | $4,983,414.05 | 5,019,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 2.13% | Ba3 | 01-Dec-2030 | 8.85 |
| SriLankan Airlines | 0.09% | -0.03 | $4,961,192.31 | 8,760,000 | Corporate Securities | Airlines | Sri Lanka | 7.00% | NR | 25-Jun-2024 | 2.69 |
| Eskom Holdings SOC | 0.09% | N/A | $4,724,131.40 | 4,500,000 | Corporate Securities | Utilities | South Africa | 6.75% | Caa2 | 06-Aug-2023 | 2.29 |
| El Salvador Government International Bond | 0.09% | -0.04 | $4,551,937.53 | 4,400,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 8.63% | B3 | 28-Feb-2029 | 5.60 |
| Vietnam Government International Bond | 0.08% | -0.01 | $4,322,030.94 | 4,750,000 | Government | Foreign Govt & Muni (Excl Canadian) | Vietnam | 1.13% | NR | 13-Mar-2028 | 6.66 |
| Bahamas Government International Bond | 0.08% | 0.00 | $4,208,144.53 | 4,125,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bahamas | 5.75% | Ba2 | 16-Jan-2024 | 2.67 |
| Agile Group Holdings | 0.08% | 0.00 | $4,057,606.44 | 3,850,000 | Corporate Securities | Building & Real Estate | China | 5.75% | NR | 02-Jan-2025 | 3.54 |
| Citgo Holding | 0.08% | -0.00 | $4,021,461.89 | 4,110,000 | Corporate Securities | Energy | United States | 9.25% | Caa1 | 01-Aug-2024 | N/A |
| Consorcio Transmantaro | 0.07% | -0.00 | $3,955,432.50 | 3,315,000 | Corporate Securities | Utilities | Peru | 4.70% | Baa3 | 16-Apr-2034 | 8.87 |
| Egypt Government International Bond | 0.07% | -0.00 | $3,949,875.52 | 3,335,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 8.88% | B2 | 29-May-2050 | 11.12 |
| JSM Global Sarl | 0.07% | -0.10 | $3,916,741.83 | 3,595,000 | Corporate Securities | Retail | Brazil | 4.75% | Ba1 | 20-Oct-2030 | 7.77 |
| Corp Nacional del Cobre de Chile | 0.07% | N/A | $3,785,403.58 | 3,749,000 | Corporate Securities | Metals & Mining | Chile | 3.15% | A3 | 15-Jan-2051 | 18.95 |
| Ecuador Government International Bond | 0.07% | -0.01 | $3,777,326.97 | 7,889,978 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ecuador | 0.00% | NR | 31-Jul-2030 | 0.00 |
| EQUATE PETROCHEMICALS | 0.07% | 0.00 | $3,689,708.50 | 2,935,000 | Corporate Securities | Chemicals | Kuwait | 5.88% | Baa2 | 18-May-2030 | 7.42 |
| Petroleos Mexicanos | 0.07% | 0.02 | $3,681,652.13 | 3,650,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 5.35% | Ba2 | 12-Feb-2028 | 5.71 |
| Jamaica Government International Bond | 0.07% | 0.00 | $3,638,245.53 | 2,950,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Jamaica | 6.75% | B2 | 28-Apr-2028 | 5.23 |
| Poinsettia Finance | 0.07% | -0.00 | $3,546,813.56 | 3,600,000 | Corporate Securities | Banking | Mexico | 6.63% | Ba2 | 17-Jun-2031 | 5.14 |
| Industrias Penoles SAB de CV | 0.07% | 0.01 | $3,528,673.20 | 2,990,000 | Corporate Securities | Metals & Mining | Mexico | 4.75% | NR | 06-Aug-2050 | 16.14 |
| Banco Mercantil del Norte SA/Grand Cayman | 0.06% | 0.00 | $3,180,023.44 | 2,925,000 | Corporate Securities | Banking | Mexico | 6.75% | Ba2 | 27-Sep-2169 | 12.77 |
| Sri Lanka Government International Bond | 0.06% | -0.00 | $3,041,447.96 | 5,005,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.13% | Caa1 | 03-Jun-2025 | 3.40 |
| Oman Government International Bond | 0.05% | N/A | $2,860,950.24 | 2,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 6.00% | Ba3 | 01-Aug-2029 | 6.51 |
| Petroleos De Venezuela | 0.05% | 0.01 | $2,676,600.00 | 66,915,000 | Corporate Securities | Energy | Venezuela | 5.38% | NR | 12-Apr-2027 | 0.48 |
| Petroleos De Venezuela | 0.05% | 0.01 | $2,672,200.00 | 66,805,000 | Corporate Securities | Energy | Venezuela | 6.00% | NR | 15-Nov-2026 | 0.60 |
| Venezuela Government International Bond | 0.05% | 0.01 | $2,535,000.00 | 26,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 9.25% | C | 15-Sep-2027 | 0.65 |
| Venezuela Government International Bond | 0.05% | 0.01 | $2,522,000.00 | 26,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 11.75% | C | 21-Oct-2026 | 0.59 |
| Ukraine Government International Bond | 0.05% | 0.00 | $2,481,038.52 | 2,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | B3 | 01-Sep-2023 | 2.36 |
| National Bank of Uzbekistan | 0.05% | N/A | $2,437,036.42 | 2,333,000 | Government | Foreign Govt & Muni (Excl Canadian) | Uzbekistan | 4.85% | NR | 21-Oct-2025 | 4.22 |
| Meituan | 0.05% | N/A | $2,388,442.19 | 2,340,000 | Corporate Securities | Information Technology | China | 2.13% | Baa3 | 28-Oct-2025 | 4.55 |
| Export-Import Bank of India | 0.04% | 0.00 | $2,185,111.55 | 1,950,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 3.88% | Baa3 | 01-Feb-2028 | 6.14 |
| Equate Petrochemical BV | 0.04% | 0.00 | $2,024,031.24 | 1,800,000 | Corporate Securities | Chemicals | Kuwait | 4.25% | Baa2 | 03-Nov-2026 | 5.17 |
| CIFI Holdings | 0.04% | N/A | $2,002,093.95 | 1,835,000 | Corporate Securities | Building & Real Estate | China | 6.45% | NR | 07-Nov-2024 | 3.38 |
| Grenada Government International Bond | 0.04% | -0.00 | $1,993,129.77 | 2,712,965 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Grenada | 7.00% | NR | 12-May-2030 | 3.66 |
| Petroleos De Venezuela | 0.04% | 0.01 | $1,989,520.00 | 49,738,000 | Corporate Securities | Energy | Venezuela | 12.75% | NR | 17-Feb-2022 | 0.02 |
| Petroleos Mexicanos | 0.04% | 0.00 | $1,976,707.23 | 42,400,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 7.19% | Ba2 | 12-Sep-2024 | 0.00 |
| Egypt Government International Bond | 0.04% | 0.00 | $1,961,348.59 | 1,650,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 8.70% | B2 | 01-Mar-2049 | 10.88 |
| Millicom International Cellular | 0.03% | N/A | $1,841,101.79 | 1,690,000 | Corporate Securities | Wireless Communications | Colombia | 4.50% | Ba2 | 27-Apr-2031 | 8.22 |
| Dominican Republic International Bond | 0.03% | 0.00 | $1,786,164.40 | 1,550,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 5.50% | Ba3 | 27-Jan-2025 | 3.61 |
| Nigeria Government International Bond | 0.03% | 0.00 | $1,770,799.24 | 1,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 7.14% | B2 | 23-Feb-2030 | 6.58 |
| State Grid Overseas Investment 2013 | 0.03% | -0.00 | $1,745,796.96 | 1,365,000 | Corporate Securities | Utilities | China | 4.38% | A1 | 22-May-2043 | 14.94 |
| Guatemala Government Bond | 0.03% | -0.00 | $1,653,599.28 | 1,475,000 | Government | Foreign Govt & Muni (Excl Canadian) | Guatemala | 4.50% | Ba1 | 03-May-2026 | 4.75 |
| Mong Duong Finance Holdings BV | 0.03% | -0.00 | $1,590,825.90 | 1,500,000 | Corporate Securities | Utilities | Vietnam | 5.13% | Ba3 | 07-May-2029 | 4.72 |
| Usiminas International Sarl | 0.03% | N/A | $1,578,683.73 | 1,415,000 | Corporate Securities | Metals & Mining | Brazil | 5.88% | Ba3 | 18-Jul-2026 | 4.63 |
| Yapi Ve Kredi Bankasi | 0.03% | N/A | $1,558,125.94 | 1,520,000 | Corporate Securities | Banking | Turkey | 5.85% | B2 | 21-Jun-2024 | 3.10 |
| Ghana Government International Bond | 0.03% | 0.00 | $1,494,438.28 | 1,450,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 8.63% | B3 | 16-Jun-2049 | 10.24 |
| Infraestructura Energetica Nova SAB de CV | 0.03% | N/A | $1,435,000.09 | 1,258,000 | Corporate Securities | Energy | Mexico | 4.88% | Baa2 | 14-Jan-2048 | 14.97 |
| Russian Foreign Bond - Eurobond | 0.03% | -0.00 | $1,406,878.43 | 1,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 5.63% | Baa3 | 04-Apr-2042 | 13.49 |
| Colombia Government International Bond | 0.03% | -0.00 | $1,403,811.90 | 1,280,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 4.00% | Baa2 | 26-Feb-2024 | 2.93 |
| Venezuela Government International Bond | 0.03% | 0.00 | $1,396,800.00 | 14,400,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Venezuela | 11.95% | C | 05-Aug-2031 | 0.25 |
| Sri Lanka Government International Bond | 0.03% | -0.00 | $1,372,490.61 | 1,900,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 5.88% | Caa1 | 25-Jul-2022 | 1.26 |
| Brazilian Government International Bond | 0.03% | 0.01 | $1,340,483.85 | 1,100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 5.63% | Ba2 | 21-Feb-2047 | 14.13 |
| Colombia Government International Bond | 0.02% | 0.00 | $1,262,370.35 | 850,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 7.38% | Baa2 | 18-Sep-2037 | 10.64 |
| Provincia de Buenos Aires/Government Bonds | 0.02% | -0.00 | $1,209,964.19 | 191,620,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 35.56% | NR | 31-May-2022 | N/A |
| Tarjeta Naranja | 0.02% | -0.00 | $1,201,893.61 | 11,683,392 | Corporate Securities | Financial | Argentina | 6.31% | Caa3 | 11-Apr-2022 | N/A |
| Russian Foreign Bond - Eurobond | 0.02% | 0.00 | $1,170,420.26 | 800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 5.88% | Baa3 | 16-Sep-2043 | 13.90 |
| Colombia Government International Bond | 0.02% | 0.01 | $1,164,780.91 | 950,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 5.00% | Baa2 | 15-Jun-2045 | 14.81 |
| Nigeria Government International Bond | 0.02% | -0.28 | $1,141,219.99 | 950,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 8.75% | B2 | 21-Jan-2031 | 6.66 |
| Petroleos Mexicanos | 0.02% | 0.00 | $1,114,006.98 | 1,120,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.63% | Ba2 | 15-Jun-2035 | 9.07 |
| India Government Bond | 0.02% | N/A | $1,108,573.72 | 70,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 8.40% | NR | 28-Jul-2024 | 0.00 |
| Egypt Government International Bond | 0.02% | -0.01 | $1,101,281.47 | 925,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.50% | B2 | 31-Jan-2027 | 4.83 |
| Paraguay Government International Bond | 0.02% | -0.00 | $1,097,608.70 | 1,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Paraguay | 4.63% | Ba1 | 25-Jan-2023 | 1.95 |
| Brazilian Government International Bond | 0.02% | 0.00 | $983,037.92 | 898,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 4.75% | NR | 14-Jan-2050 | 15.37 |
| Huazhu | 0.02% | N/A | $947,201.70 | 736,000 | Consumer Discretionary | Hotels Restaurants & Leisure | China | 3.00% | NR | 01-May-2026 | N/A |
| El Salvador Government International Bond | 0.02% | 0.00 | $931,418.03 | 950,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 6.38% | B3 | 18-Jan-2027 | 4.75 |
| Export-Import Bank of India | 0.02% | -0.00 | $878,202.81 | 800,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 3.38% | Baa3 | 05-Aug-2026 | 5.05 |
| Dominican Republic International Bond | 0.02% | 0.00 | $858,070.65 | 700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 6.00% | Ba3 | 19-Jul-2028 | 6.07 |
| Brazil Notas do Tesouro Nacional Serie F | 0.02% | 0.00 | $858,048.94 | 3,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 10.00% | Ba2 | 01-Jan-2025 | 0.00 |
| Angolan Government International Bond | 0.02% | 0.00 | $855,003.09 | 900,000 | Government | Foreign Govt & Muni (Excl Canadian) | Angola | 9.38% | Caa1 | 08-May-2048 | 9.10 |
| Pakistan Government International Bond | 0.02% | -0.01 | $846,617.08 | 800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Pakistan | 7.88% | B3 | 31-Mar-2036 | 8.67 |
| Turkey Government International Bond | 0.02% | N/A | $839,931.41 | 800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 5.95% | B2 | 15-Jan-2031 | 7.50 |
| Guatemala Government Bond | 0.02% | -0.02 | $837,941.18 | 713,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Guatemala | 4.90% | Ba1 | 01-Jun-2030 | 6.98 |
| Venezuela Government International Bond | 0.02% | 0.00 | $805,100.00 | 8,300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 12.75% | C | 23-Aug-2022 | 0.25 |
| Ivory Coast Government International Bond | 0.02% | 0.00 | $792,651.70 | 700,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 6.13% | Ba3 | 15-Jun-2033 | 8.34 |
| Petroleos De Venezuela | 0.01% | 0.00 | $779,220.00 | 19,980,000 | Corporate Securities | Energy | Venezuela | 9.75% | NR | 17-May-2035 | 0.27 |
| ADES International Holding | 0.01% | -0.00 | $766,012.19 | 750,000 | Corporate Securities | Energy | United Arab Emirates | 8.63% | NR | 24-Apr-2024 | 2.79 |
| Emirate of Dubai Government International Bonds | 0.01% | N/A | $762,059.82 | 635,000 | Government | Foreign Govt & Muni (Excl Canadian) | United Arab Emirates | 5.25% | NR | 30-Jan-2043 | 13.31 |
| Panama Government International Bond | 0.01% | 0.01 | $714,717.71 | 550,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Panama | 4.50% | Baa1 | 16-Apr-2050 | 16.98 |
| Costa Rica Government International Bond | 0.01% | -0.00 | $709,452.38 | 740,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 6.13% | B2 | 19-Feb-2031 | 6.61 |
| Kenya Government International Bond | 0.01% | 0.00 | $705,838.37 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kenya | 8.25% | B2 | 28-Feb-2048 | 11.14 |
| Ivory Coast Government International Bond | 0.01% | 0.00 | $700,648.56 | 600,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 6.38% | Ba3 | 03-Mar-2028 | 5.07 |
| Republic of South Africa Government International Bond | 0.01% | 0.00 | $698,871.20 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 5.88% | Ba2 | 16-Sep-2025 | 4.10 |
| Cometa Energia SA de CV | 0.01% | -0.00 | $649,118.51 | 548,145 | Corporate Securities | Energy | Mexico | 6.38% | Baa3 | 24-Apr-2035 | 6.84 |
| Controladora Mabe SA de CV | 0.01% | -0.00 | $643,358.28 | 540,000 | Corporate Securities | Consumer Products | Mexico | 5.60% | Baa3 | 23-Oct-2028 | 6.40 |
| Yanlord Land HK | 0.01% | N/A | $634,731.61 | 600,000 | Corporate Securities | Building & Real Estate | China | 6.75% | Ba3 | 23-Apr-2023 | 2.10 |
| Egypt Government International Bond | 0.01% | -0.01 | $595,288.43 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.50% | B2 | 31-Jan-2027 | 4.83 |
| Dominican Republic International Bond | 0.01% | 0.00 | $591,123.63 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 6.40% | Ba3 | 05-Jun-2049 | 13.71 |
| Petroleos Mexicanos | 0.01% | 0.00 | $561,011.55 | 500,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.88% | Ba2 | 04-Aug-2026 | 4.54 |
| Nigeria Government International Bond | 0.01% | -0.01 | $521,342.38 | 480,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 6.50% | B2 | 28-Nov-2027 | 5.54 |
| Paraguay Government International Bond | 0.01% | -0.00 | $512,326.43 | 375,000 | Government | Foreign Govt & Muni (Excl Canadian) | Paraguay | 6.10% | Ba1 | 11-Aug-2044 | 13.52 |
| Petroleos Mexicanos | 0.01% | N/A | $511,489.52 | 490,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 7.69% | Ba2 | 23-Jan-2050 | 10.90 |
| Republic of South Africa Government International Bond | 0.01% | 0.00 | $482,318.27 | 440,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.85% | Ba2 | 27-Sep-2027 | 5.69 |
| Panama Government International Bond | 0.01% | -0.00 | $449,826.15 | 375,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Panama | 3.87% | Baa1 | 23-Jul-2060 | 20.55 |
| Senegal Government International Bond | 0.01% | 0.00 | $449,471.62 | 400,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Senegal | 6.75% | Ba3 | 13-Mar-2048 | 12.28 |
| Dominican Republic International Bond | 0.01% | 0.00 | $443,081.52 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 4.50% | Ba3 | 30-Jan-2030 | 7.35 |
| Nigeria Government International Bond | 0.01% | 0.00 | $425,105.84 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 7.63% | B2 | 28-Nov-2047 | 11.30 |
| Huaneng Hong Kong Capital | 0.01% | -0.00 | $408,492.31 | 400,000 | Corporate Securities | Utilities | China | 3.60% | NR | 30-Apr-2169 | 12.15 |
| India Government Bond | 0.01% | -0.00 | $401,940.86 | 26,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 8.83% | NR | 25-Nov-2023 | 0.00 |
| Trinidad & Tobago Government International Bond | 0.01% | 0.00 | $392,294.84 | 350,000 | Government | Foreign Govt & Muni (Excl Canadian) | Trinidad and Tobago | 4.50% | Ba1 | 04-Aug-2026 | 4.89 |
| Dominican Republic International Bond | 0.01% | 0.00 | $362,865.49 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 6.50% | Ba3 | 15-Feb-2048 | 13.16 |
| Equate Petrochemical BV | 0.01% | 0.00 | $337,338.54 | 300,000 | Corporate Securities | Chemicals | Kuwait | 4.25% | Baa2 | 03-Nov-2026 | 5.17 |
| Telefonica Celular Del Paraguay | 0.01% | -0.00 | $323,801.79 | 300,000 | Corporate Securities | Wireline Communications | Paraguay | 5.88% | Ba1 | 15-Apr-2027 | 5.19 |
| Ghana Government International Bond | 0.01% | 0.00 | $318,693.37 | 300,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 7.88% | B3 | 11-Feb-2035 | 7.86 |
| Ghana Government International Bond | 0.01% | 0.00 | $318,693.37 | 300,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 7.88% | B3 | 11-Feb-2035 | 7.86 |
| Romanian Government International Bond | 0.01% | 0.00 | $288,553.55 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 6.13% | Baa3 | 22-Jan-2044 | 13.58 |
| Argentine Republic Government International Bond | 0.01% | -0.01 | $287,237.50 | 114,895,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Argentina | 0.00% | NR | 15-Dec-2035 | N/A |
| Indonesia Treasury Bond | 0.01% | N/A | $280,437.71 | 3,550,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 7.25% | NR | 15-Feb-2026 | 0.00 |
| Mriya Farming | 0.00% | N/A | $263,356.58 | 17,609,900 | Corporate Securities | Industrial - Other | United Kingdom | 0.00% | NR | 31-Dec-2025 | N/A |
| Romanian Government International Bond | 0.00% | -0.00 | $256,978.71 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 5.13% | Baa3 | 15-Jun-2048 | 15.83 |
| CA La Electricidad de Caracas | 0.00% | 0.00 | $253,800.00 | 12,690,000 | Corporate Securities | Utilities | Venezuela | 8.50% | NR | 10-Apr-2021 | N/A |
| Dominican Republic International Bond | 0.00% | 0.00 | $240,923.91 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 5.95% | Ba3 | 25-Jan-2027 | 5.06 |
| Mongolia Government International Bond | 0.00% | 0.00 | $238,712.23 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 8.75% | B3 | 09-Mar-2024 | 2.76 |
| Vivo Energy Investments BV | 0.00% | 0.00 | $237,678.67 | 220,000 | Corporate Securities | Energy | Morocco | 5.13% | Baa3 | 24-Sep-2027 | 5.62 |
| Russian Foreign Bond - Eurobond | 0.00% | -0.00 | $232,297.31 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 4.75% | NR | 27-May-2026 | 4.81 |
| Ukraine Government International Bond | 0.00% | 0.00 | $228,064.56 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | B3 | 01-Sep-2024 | 3.14 |
| Egypt Government International Bond | 0.00% | 0.00 | $224,891.27 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.05% | B2 | 15-Jan-2032 | 7.51 |
| Senegal Government International Bond | 0.00% | 0.00 | $224,735.81 | 200,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Senegal | 6.75% | Ba3 | 13-Mar-2048 | 12.28 |
| Ghana Government International Bond | 0.00% | -0.01 | $222,105.70 | 200,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 7.88% | B3 | 26-Mar-2027 | 4.34 |
| Banco Macro | 0.00% | -0.00 | $221,989.37 | 41,665,000 | Corporate Securities | Banking | Argentina | 17.50% | Caa3 | 08-May-2022 | 0.00 |
| Republic of South Africa Government International Bond | 0.00% | 0.00 | $221,359.07 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.88% | Ba2 | 14-Apr-2026 | 4.63 |
| Egypt Government International Bond | 0.00% | -0.00 | $214,254.76 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 6.13% | B2 | 31-Jan-2022 | 1.02 |
| Mriya Farming | 0.00% | N/A | $48,561.16 | 3,975,047 | Consumer Staples | Food Products | United Kingdom | N/A | N/A | N/A | N/A |
| Mriya Farming | 0.00% | N/A | $1,147.80 | 83,934 | Consumer Staples | Food Products | United Kingdom | N/A | N/A | N/A | N/A |
N/A indicates Not Available.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Please note that holdings are released 15 days after the period end. From time to time, certain securities held may not be listed.
Country Diversification (31-Dec-2020)
Representative Portfolio vs Benchmark| Country Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Ukraine | 4.67% | 1.46% | |
| Brazil | 6.40% | 3.46% | |
| Bahamas | 2.63% | 0.00% | |
| Egypt | 3.95% | 1.94% | |
| Ghana | 2.68% | 0.85% | |
| Sri Lanka | 2.16% | 0.59% | |
| Jamaica | 1.96% | 0.48% | |
| Vietnam | 1.52% | 0.09% | |
| Oman | 3.21% | 1.87% | |
| Mongolia | 1.58% | 0.28% | |
| Mexico | 10.12% | 8.89% | |
| Senegal | 1.38% | 0.22% | |
| Argentina | 2.99% | 1.89% | |
| Dominican Republic | 2.85% | 1.77% | |
| Uzbekistan | 1.17% | 0.13% | |
| Angola | 1.63% | 0.59% | |
| India | 1.41% | 0.50% | |
| Ecuador | 1.59% | 0.70% | |
| El Salvador | 1.26% | 0.55% | |
| South Africa | 1.46% | 2.02% | |
| Bahrain | 1.13% | 1.80% | |
| Colombia | 1.80% | 2.52% | |
| Turkey | 4.73% | 5.68% | |
| Philippines | 1.28% | 2.76% | |
| Russia | 2.27% | 3.91% | |
| Indonesia | 6.78% | 8.66% | |
| Qatar | 1.92% | 4.38% | |
| Saudi Arabia | 3.15% | 6.13% | |
| United Arab Emirates | 2.38% | 6.45% | |
| China | 2.30% | 8.03% |
A maximum of 30 largest countries by portfolio rank are displayed and shown in descending order by relative over/underweight.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Region Diversification (31-Dec-2020)
Representative Portfolio vs Benchmark| Region Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Latin America | 37.58% | 30.45% | |
| Other | 0.25% | 0.00% | |
| Middle East & Africa | 27.74% | 29.93% | |
| Emerging Europe | 13.53% | 16.65% | |
| Asia | 17.30% | 22.91% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Currency Diversification (31-Dec-2020)
Representative Portfolio vs Benchmark| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| U.S. dollar | 97.58% | 100.00% | |
| Mexican peso | 0.00% | 0.00% | |
| Dollar Bloc Subtotal | 97.58% | 100.00% |
Benchmark : J.P. Morgan Emerging Markets Bond Index Global
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| euro | 0.07% | 0.00% | |
| European Bloc Subtotal | 0.07% | 0.00% |
Benchmark : J.P. Morgan Emerging Markets Bond Index Global
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Chinese renminbi | 0.91% | 0.00% | |
| Egyptian pound | 0.50% | 0.00% | |
| Indian rupee | 0.26% | 0.00% | |
| Indonesian rupiah | 0.25% | 0.00% | |
| Peruvian nuevo sol | 0.23% | 0.00% | |
| Brazilian real | 0.18% | 0.00% | |
| Argentinian peso | 0.03% | 0.00% | |
| Kenyan shilling | 0.00% | 0.00% | |
| Emerging Markets Bloc Subtotal | 2.34% | 0.00% |
Benchmark : J.P. Morgan Emerging Markets Bond Index Global
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Number of years managing the strategy. In the case of co-portfolio management, the longer tenure is displayed.
Holdings information and other breakdowns (such as country and currency) are related to those of representative portfolio ("Portfolio"). The Portfolio is an account in the composite we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative portfolio shown may differ from those of other accounts in the strategy. Please see the GIPS® Disclosure page for additional information on the composite.
The specific securities identified and described above do not represent all of the securities purchased, sold or recommended for advisory clients and no assumptions should be made that investments in the securities identified and discussed were or will be profitable.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright © 2020, J.P. Morgan Chase & Co. All rights reserved.
Michael Conelius is a portfolio manager in the International Fixed Income Division. He co-manages the Emerging Markets Bond and the Institutional Emerging Markets Bond Funds and is chairman of each fund’s Investment Advisory Committee. Michael is an executive vice president of the Global Funds and International Funds, a vice president and an Investment Advisory Committee member of the Global Multi-Sector Bond Fund, a vice president of the Institutional Income Funds and Multi-Sector Account Portfolios, and a member of the Distressed Advisory Committee. He also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price Trust Company, and T. Rowe Price International Ltd.